Treasury's $15 B 2-year FRN garnered rather average results Treasury's $15 B 2-year FRN garnered rather average results. The issue priced at a high discount margin of 0.077%, right in line with last month's 0.076% for the reopening. Bids totaled almost $59 B for a 3.93 cover, well above June's 3.74m even with the larger volume offered today. Indirect bidders took 53.3% versus the prior 56.4%.

U.S. NAR pending home sales preview: U.S. NAR pending home sales preview: the PSHI is forecast to sink 1.4% to 111.0 in June compared to 0.9% gain to112.6 in May. That was the fourth straight month rise to the highest level in 9-years. For more background, see the NAR website.

U.S. equities are on the mend U.S. equities are on the mend as China continued to bounce back, though follow-through in Europe has been lacking ahead of the FOMC decision later. Otherwise focus has been on the variety of earnings reports while awaiting that outcome. The Dow is 31-points higher, S&P rose 2-points and NASDAQ is up 5-points ahead of the opening chime. In Asia, China's Shenzhen bounced 3.1%, while the Shanghai Comp rallied 3.4% and Japan's N-225 rose just 0.28%. In Europe, the Euro Stoxx 50 is flat, though the UK FTSE is up 0.7% after strong mortgage lending stats. Twitter dove 11% as its user pace slowed, while Yelp tanked 20% posted an unexpected loss, while Akamai also missed and sank 10%. Gilead Sciences climbed 4.5% after boosting its guidance. Up next are NAR pending home sales, EIA inventories and the 5-year note auction.